Pricing Color Intensity and lightness in Contemporary Art Auctions

Rachel Pownall; K. Graddy

doi:10.1016/j.rie.2016.06.007

Pricing Color Intensity and lightness in Contemporary Art Auctions

Rachel Pownall, K. Graddy^*

^*Corresponding author for this work

Finance

Research output: Contribution to journal › Article › Academic › peer-review

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Abstract

Color plays an important part in modern life and influences our decision making process. However, little is known about how the different attributes of color, namely intensity and lightness, influence price. By analyzing auction data for paintings we can put a price on these attributes of color. Using a unique set of data for Contemporary artworks of Andy Warhol prints, we are able to observe the influence of intensity and lightness using RGB values as explanatory variables on prices achieved at auction. Controlling for other hedonic characteristics, our empirical results find significant evidence of intense colors fetching a premium over equivalent artworks which are less intense in color. Furthermore, darkness carries a premium over lightness. (C) 2016 University of Venice. Published by Elsevier Ltd. All rights reserved.

Original language	English
Pages (from-to)	412-420
Number of pages	9
Journal	Research in Economics
Volume	70
Issue number	3
DOIs	https://doi.org/10.1016/j.rie.2016.06.007
Publication status	Published - Sept 2016

Keywords

Art Economics
RGB color
Value
PAINTINGS
MARKET
PRICES

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Cite this

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title = "Pricing Color Intensity and lightness in Contemporary Art Auctions",

abstract = "Color plays an important part in modern life and influences our decision making process. However, little is known about how the different attributes of color, namely intensity and lightness, influence price. By analyzing auction data for paintings we can put a price on these attributes of color. Using a unique set of data for Contemporary artworks of Andy Warhol prints, we are able to observe the influence of intensity and lightness using RGB values as explanatory variables on prices achieved at auction. Controlling for other hedonic characteristics, our empirical results find significant evidence of intense colors fetching a premium over equivalent artworks which are less intense in color. Furthermore, darkness carries a premium over lightness. (C) 2016 University of Venice. Published by Elsevier Ltd. All rights reserved.",

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N2 - Color plays an important part in modern life and influences our decision making process. However, little is known about how the different attributes of color, namely intensity and lightness, influence price. By analyzing auction data for paintings we can put a price on these attributes of color. Using a unique set of data for Contemporary artworks of Andy Warhol prints, we are able to observe the influence of intensity and lightness using RGB values as explanatory variables on prices achieved at auction. Controlling for other hedonic characteristics, our empirical results find significant evidence of intense colors fetching a premium over equivalent artworks which are less intense in color. Furthermore, darkness carries a premium over lightness. (C) 2016 University of Venice. Published by Elsevier Ltd. All rights reserved.

AB - Color plays an important part in modern life and influences our decision making process. However, little is known about how the different attributes of color, namely intensity and lightness, influence price. By analyzing auction data for paintings we can put a price on these attributes of color. Using a unique set of data for Contemporary artworks of Andy Warhol prints, we are able to observe the influence of intensity and lightness using RGB values as explanatory variables on prices achieved at auction. Controlling for other hedonic characteristics, our empirical results find significant evidence of intense colors fetching a premium over equivalent artworks which are less intense in color. Furthermore, darkness carries a premium over lightness. (C) 2016 University of Venice. Published by Elsevier Ltd. All rights reserved.

KW - Art Economics

KW - RGB color

KW - Value

KW - PAINTINGS

KW - MARKET

KW - PRICES

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DO - 10.1016/j.rie.2016.06.007

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